Visa Invests In solarisBank — And Banking-As-A-Service

solarisBank, the first FinTech with a full banking license, raised EUR 56.6 million in a round of funding that included Visa among other investors.

In a press release, solarisBank said existing investors Arvato Financial Solutions and SBI Group joined new investors including BBVA, Visa, Lakestar and ABN AMRO’s Digital Impact Fund to take part in the series B round of funding. Founded in March of 2016, solarisBank was one of the first FinTechs to receive a full banking license. Since then, it has developed a so-called “banking as a platform” business that is being used by close to 60 corporate clients. The number of companies that are using the platform is expected to surpass 100 by the end of 2018, solarisBank said in the press release. In addition to the banking platform and credit card services, it offers corporate customers financial and credit services and payment and escrow services via an API.

“With our banking platform concept, we are shaping the future of the financial services industry. Our innovative approach has convinced industry leaders from both the finance and technology sectors to utilize the series B round as an opportunity to be a part of our business model and growth story,” said Roland Folz, Chief Executive of solarisBank in the press release.

solarisBank said the new capital will help fund its growth, development of its digital platform and new products as well as expand into new geographies. It noted that all of the investors in the latest round of funding bring different strengths to the table that will help the company’s future development. “There is a new wave of innovative digital platforms transforming commerce and banking services across Europe. solarisBank broadens the definition of banking without sacrificing security, and reduces the friction associated with cash,” said Matt Dill, senior vice president, digital partnerships at Visa in the press release.